Obama: 'I Didn't Overpromise' on the Economy

President Barack Obama said fixing the economy is going to take more than one term and may even take more than one president, according to excerpts from a CBS "60 Minutes" interview to air Sunday.

Facing an 8.6 unemployment rate, down from 9 percent in October, Obama said he "didn't overpromise" on fixing the economy.

"I didn't overpromise. And I didn't underestimate how tough this was gonna be." Obama said.

He said individual Americans who are struggling have "every reason to be impatient" but that turning structural problems in the economy around is going to take time.

"I always believed that this was a long-term project," Obama said. "It was gonna take more than a year. It was gonna take more than two years. It was gonna take more than one term. Probably takes more than one president."

Obama's words come in the face of new poll numbers that said just 41 percent of Americans believe he deserves to be elected to a second term.

Still, he said the unemployment rate could drop to 8 percent before the general election in November.

"I think it's possible," Obama said, "But -- I'm not in the job of prognosticating on the economy. I'm in the job of putting in place the tools that allow the economy to thrive and Americans to succeed."

In the interview, Obama compared himself to a ship captain in a storm. No matter how well the ship is being steered, he said, if it's rocking back and forth, people will blame the captain

"People are going say, 'You know what? A good captain would have had us in some smooth waters and sunny skies, at this point,'" he said. "And I don't control the weather. What I can control are the policies we're putting in place to make a difference in people's lives."